US indices struggle amid recession fears; Micron says sales may come down

Chipmaker Micron Tech says sales likely to come down; inflation data today

Stocks retreated as a downbeat outlook from another giant chipmaker added to recession fears, with traders awaiting Wednesday’s inflation report to gauge the path of Federal Reserve (Fed) tightening. 

The S&P 500 dropped for a fourth consecutive session, while the Nasdaq 100 underperformed after Micron Technology Inc, the largest US maker of memory semiconductors, said sales may come in at the low end of or below its previous guidance. Treasury yields climbed, while the dollar fell.

Focus is turning to the question of whether US consumer-price index may have peaked in June after a blowout jobs reading eased worries about a recession,